Two PlayStation Portable conversions were released in 2005 and 2006; the first being TOCA Race Driver 2 in Europe and Japan and the second being Race Driver 2006 in the US. The game continued to use a scripted career mode as introduced in the previous Race Driver game, but dropped the Ryan McKane character. Story-developing cutscenes were played out from a first-person perspective, with other characters never addressing the user by name (similar to the storytelling method of later Need for Speed titles).

The career mode offered a wider selection of championships than previous games, featuring the likes of Supertruck and Rallycross in addition to the traditional touring car formats. However, not for the first time in the series, the British Touring Car Championship was not included, yet the franchise continued to license the TOCA name in the title. In addition, online play was featured heavily, with support for up to 8 players on Xbox Live. The game entered the UK charts at number one, and maintained the high review scores of the series, including a 9.2 out of 10 from Official Xbox Magazine.

"Featuring brand new content exclusive to PlayStation 2, V8 Supercars Australia 2 will arrive with a whole new circuit, Catalunya, and an expanded Championship structure allowing 99 additional car and track combinations. There’s also a super hardcore “Pro-Sim mode” for ultimate realism - if you can handle it! Again, exclusively for PlayStation 2, gamers will also be able to save replays, and really drive that victory home.

31 (32 on the PlayStation 2) Licensed and Fictional global Race Locations offering 48 (49 on the PlayStation 2) tracks including Hockenheim from the German DTM series and Surfers Paradise from the Australian V8 series." Codemasters

The PlayStation 2 version allowed up to 8 online players, without broadband Internet service being required.